The cash is available to those starting up a business and to sole traders employing up to ten people and with a turnover of up to €2 million.

They must have a commercially viable proposal and have been refused credit by their banks.

Loans of up to €25,000 are available for such businesses.

Minister for Small Business John Perry formally launched the scheme in Sligo last week.

He said: "The scheme is a key part of the Government's Action Plan for Jobs.

"I hope and indeed expect that it will prove of real benefit to the economy in Sligo over the coming years and have been assured by Sligo County Enterprise Board that they will play a full part in promoting the scheme and in assisting eligible clients to participate".